Haryana- VE Commercial Vehicles Ltd, is a diversified company with a multi-brand, multi-division structure. It encompasses a comprehensive lineup of Eicher Trucks and Buses, Volvo Buses, exclusive distribution rights for Volvo Trucks in India, serving as an engine manufacturing and export hub for the Volvo Group. In addition, VECV is involved in non-automotive engines and operates within the Eicher component business.
Mr. Vinod Aggarwal, MD & CEO of VE Commercial Vehicles Ltd (VECV), said that,VECV envisions substantial growth potential in the pick-up segment, driven by factors such as increasing urbanization, the thriving e-commerce sector, heightened personal consumption, and the emergence of hub-and-spoke distribution models. We are entering this market with a battery-powered vehicle first, while diesel and CNG variants will come later. The electric small truck made its debut at the Bharat Mobility Global Show 2024 in New Delhi. Customer trials are set to commence in April 2024, with the commercial launch expected in the first quarter of 2025. We will build the ecosystem and the associate support services for the new small truck before the launch. Developed by the in-house R&D team with support from the Volvo Group, the electric pick-up will cater to both B2B and B2C categories. Manufacturing will take place at the company's facility in Bhopal. It will completely be a new platform, powered by a new engine.
The SCV market (sub-3.5 tonne) includes mini-trucks (0-2 tonne GVW) and pick-ups (2-3.5 tonne GVW). The pick-up category has seen accelerated growth due to customers shifting towards higher payload vehicles. The 2-3.5 GVW category has emerged as the largest not only in the light commercial vehicle (LCV) segment but also in the entire CV market.
In FY23, the pick-up segment witnessed a 31% increase in volumes, reaching 3.32 lakh units compared to 2.52 lakh units in FY22. Mini-truck volumes grew to 1.93 lakh units from 1.71 lakh units.
However, in the current fiscal year, total sales of small commercial vehicles (including both pick-ups and mini-trucks) reported a decline of five percent, standing at 3.67 lakh units (3.86 lakh units) for the first 9 months.
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